sebi:WTM/PS/24/ISD/JULY/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established; 10-year securities market access and director-position restraint imposed with disgorgement of unlawful gains plus 12% interest, with further 5-year restraint on default
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 3(i)
- Reg. 2
- Reg. 3
- Reg. 4
- Reg. 2(c)
- Reg. 2(e)
- Reg. 11
- Reg. 2(k)
- Reg. 2(h)
Parties
- Mr. Hemant R. Patel
- Hemant Patel (HUF)
- Mr. Praveen Mohnot
- Mr. N. Ravichandran
- Ms. Priyanka Singhvi
- Ms. Anita Ravichandran
Holding
Held that Mr. Hemant R. Patel, Mr. Praveen Mohnot, Mr. N. Ravichandran, Ms. Priyanka Singhvi and Ms. Anita Ravichandran were insiders in possession of UPSI about impending acquisition of KLG by APPL and violated Section 12A(d) and (e) and Regulations 3(i), 3(ii) and 4, and imposed 10-year market/director bars plus disgorgement with interest.
Full text
Page 2 of 20 The noticee Mr. N. Ravichandran was restrained from buying, selling or dealing in the securities market in any manner whatsoever or accessing the securities market, directly or indirectly and from holding the position of director in the board of directors in any listed company for a period of two years.
Page 3 of 20 appeared along with Mr. Dinesh Purandare, Counsel; Mr. Manik Joshi, Advocate and Ms. Amrita Nandgaonkar, Advocate for the personal hearing and made oral submissions on behalf of all the noticees. Further, they sought two weeks' time to file the written
Page 4 of 20 Ravichandran who subsequently communicated the information to Ms. Priyanka Singhvi and Ms. Anita Ravichandran respectively, who dealt in the scrip of KLG when in possession of the information. - the noticee namely Mr. Praveen Mohnot being an insider communicated the UPSI to his daughter Ms. Priyanka Singhvi, who has dealt in the scrip of KLG while in possession of such information and got unjustly enriched. - the noticee namely Ms. Priyanka Singhvi being an insider dealt in the scrip of KLG while in possession of such information and made an unjust enrichment of ₹73.84 lakh against part selling of 81,237 shares of KLG till June 08, 2012 and held 28,673 shares of KLG as on June 08, 2012. - the noticee namely Mr. N. Ravichandran being an insider communicated the UPSI to his wife Ms. Anita Ravichandran, who has dealt in the scrip of KLG while in possession of such information and got unjustly enriched. - the noticee namely Ms. Anita Ravichandran being an insider dealt in the scrip of KLG while in possession of such information and made an unjust enrichment of ₹54.61 lakh.
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Source: SecMarx — sebi:WTM/PS/24/ISD/JULY/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.